Registered Charhy Number. 1012875 THE SEDBURY TRUST ANNUAL REPORT 31 MARCH 2021
CONTENTS Pago REFERENCE AND ADMINISTRATIVE INFORMATION TRUSTEES, REPORT TRUSTEES. RESPONSIBILMES STATEME INDEPENDENT AUDITOR'S REPORT STATEMENT OF FINANCIAL ACTivrriES BALANCE SHEEr 10 NOTES TO THE FINANCIAL sTATEMETrS 11-15
THE SEDBURY TRUST REFERENCE AND ADMINISTRATNE INFORMATION Charlty roglstratlon number 1012875 Reglsterod address rst Floor 79 PrDm8nado Cheltsnh GL50 1PJ Trustsos Mr P D Mctsin (Chatnnan) Mrs S Walker Mr5 K BarnaWIll5 Mr R Bromberg (appolnted 1 November 2020> Bank•r8 Uoyds Bank plc Mon#)eltier Branch Cheltenham Gloucest8rshirB (U 1SH Audltors Staverton Court Stsverton Chdtsnham GIouterShIre GL51 OUX Logal advlsor BPE St James. House St James. Square Cheltenham Gloucestershire GL50 3PR Qullter Chewot One ngS¥raY London WC2B 6AN
THE SEDBURY TRUST TRUSTEES, REPORT for Ihe year ended 31 Marth 2021 Th8 Trusts88 presÉnt thelr rewrt and finandal statements forthe year ended 31 March 2021. Th8 finanaai statements have been prepared in accordanc8 wtth th8 acc(nting policie5 S8t out In the notes to the financial 6tatsments and complyvAth the Trusfs govemlng document th8 Charflas Act 2011 and Acix)unting and Repting by Chartues: Slatsm8nl of R8comm8ndad Practic* appllcable to dJaribe8 preparing thelr finandal statemer)ts In accordan wlth the Finanaal Reportlng Stsndard applicable in the UK and Republlc of Irèla1 published in Octob8r 2019. STrUCTURE. GOVERNANCE AND MANAGEMEKr G¢)vemlng DocuThnt The Trust constliLrted under a Trust deed dated on 23 Mar¢h 1992. The oTr¥ects of the Trust were fomially set out In a Dedaration of Trust dated 23 March 1992 and by a supplemental deed dated 28 Juty 1992. The Trust was registered by the Charity Commission as a charitable organisation on 20 July 1992. registed number 1012875. Thare have been no thange8 to the Trust deed and rules of the Trust In the year. Managoment of th• Trnst The is managed by the BoaKI of lch meets on a regular basls through)ut lh8 year. A new trustse may be appolnted by a resdutKJn of a meeting of the Tntee$, provlded that a fflemorandum is 8h3ned and seale(I by the person presidirvJ at such a rneeling and attested by ¢)ther persons at the meettng. A new trustee may be apFointed at any time, subject to the tolal number of trustees not exceeding fve or falling b81cw three. Gloucestershire County CouncAI ha5 the Frf)wer to appoint a nominated lJustse upon the death or retirement of the e$ting nomlnee. Rlsk Managemont The Trustees have assess8d the rnaior risks to Ythich the Trust is exposed. in partitxlar those related to the op8fdtions and finances of the TNs( and ar8 8atisfied that systsms are in Flace to mttigate exposure to thg major risks.
THE SEDBURY TRUST TRUSTEES, REPORT (contlnu•d) forlhe year ended 31 March 2021 OBJECTIVES AND ACTivrriES FOR THE PUBUC BENEFIT Objactlves The rt)jects of the Trust are to apply the Trust fund frKome: In furtheran of the 8110 and tralnlng ofr. 8ny child or young person who is. or at any tTme has been, In 1he care of, or providéd with accommodation by, or underlhe supervision of the County Council: any c]Ild or young person In need 1th1n the meanlng of SKts'on 17 (10) of the Chibjren's Act 1989. b) In Foyment to any charftable or voluntary organlsatkjn vthose obJects Indude the education and traning of childrgn or Yng persons for the furtherdnc8 of the education and tralning of thix%e thlldren OT ywng peTr[S mgnllonwj in sul)dauses i} or11) above: c) Ifln any y8arending upon thè annivarsary date it has not been posslblg to èxpend 811 of the Income of the Trust Fund in discharge of the above oty'ects. the Trustees, wilhout prejudi to any p¢)wer to actumulate Ihe same. may apply the excess of such In)me arfng In the year. - in fiJrtheranc8 of the education and tralntrvJ of any child or young rsOn r8s]dant In the Cajnty of Glouceslershlre: or In payment to any tharftable or voluntary organisation vthose objects Indude the educatEon and tralning of thildren or young persons for the furtherance of the education and tralning of children or young peonS In the County of GloucestsT5htre. Publlc Banofft The Trustees confirm that they have referred to Ihe guidance Contain In the Charity Commission'5 general guidanc£ on public benefft when reviewing the Trusys aims and objectives and in planning future aGbvibes and setttng the grant maknng polivy for the year. ACHIEVEMENTS AND PERFORMANCE The Trustees, at their meetings. hale reinvested the bulk of thelr Income in the welfare of young people in Gloucestershire. The largest reclplent durfng the year was Belmont Schod whith received £30.000. In addition. many smaller gifts have been made fn)m the inc4)me that the Trust has producxl.
THE SEDBURY TRUST TRUSTEES. REPORT {¢ontinu•dl fDr th8 year ended 31 March 2021 FINANCIAL REVEW The Investment pollcyfollmd durtng the year resulted In satistraclory levels of Inv8slment income. During the year tha Trust raised unrestricted lurKI ino)me of £130.S)5 (2020: £113.715) ar•J expended £164,924 (2020: £68.848) In grants made In accordance the Tnjst obj8ct1s. Costs of ralslng funds totalled £47.849 {2020: £48293) leaving net outyolng resources for the year of £82.268 {2020: £3,426). Llsted Investment balances neaSed to £4.67T.138 (2020: £3.912.807). Gains on inve5tm8nt assets aM0urrt to £834.548 (2020: losses of £344.188). The net Increase In fvnds for the yearwas £752.265 (2020: d8crease of £347,6). At 31 March 2021 totsi funds hdd were £4.872,430 (2020: £4,120,165), comprised largely of nles Invested In a managed pothlio of investm8nts and interast bearing acunts. Th&se investments have been acquired in accordance wilh the powers of the Trustees. Invo8lmont Pow•rn In 8ecordano with the Dedardtion of TNSL the Tnth have Ihe abg)lute dL8creVon lo apply or Invest money as they thlnk fft. Resgrves Policy From 23 March 2013 all Income of the Trust has b88n applied towards the objeclves of the TrusL PLANS FOR FUTURE PERIODS The Trustees will continue to appty the obieLs of the Trust in 8rdance ryth the Dedarafjon of Trust. The Trugt will Continue lo assist (*ildM In noed. particuiarty through donan$ to spedal naads schools. In recent times. the T has fomied a dose agso¢>allon with rning High for Disabled Children whlch covers the Wle of the County, and therefor8 make5 many donations to children who hav8 prevtously been ov8d(K)ked by the Trust through ts kck of knoge of their exlstsnce. This report was approvod by the Board of Trusteos on and signed on Its behalf P D McLain Chairman
THE SEDBURY TRUST TRU8TEE8' RESPONSIBILrriES STATEMEKr The charlty Trustses aro respons]ble for prepadng a Truslegs, raport and financial statem8nts In accordan¢X appllcable law and Un]ted Ktngdom Arxx>unttng Standards (Unltad lQngdom Generally ApIed Accounling Prac11(). Th8 law applicAble to Charities in EngtarKI and Wales requires the charity TNstees to prepare financial ststsments for each yearwhich gtve a Inje and fair wew ofthe SL* ofaffairs ofthe charity and of the incomiTU resources and applicati] of resources. of the charity for that period. In preparing th8 financiat Slatements. the TrusteeF are requir&J to: 8elect suitable accnunting polIc$ and then apply them cc(]StentIY. observe th9 methods and princtples in the appticable Charilies SORP: make judgments and esllmales thal are reasonable and prudert. stats whetherappllcable accounting stsndards have been fdlowed. subjedlo any material departures that must bo dlsdosed and explaiTMI In the financtal statements; prèpare th ffnandal 51atemBnts on th8 concem basis unless it is inappropriate to presume that the ¢harTtywill ntInUe In buslness. The Trust8&S are responslble for keeping proper a(xx)unting TrS thal disclose wtth reasonabl8 a¢(racY at ary 1Sme the flnanoal position of the charity and to enable them to ensure 1hat the nandal statements complywtth the Charities Act 2011 and the provisnS ofthe Trust deed. They are also responsible for safeguarding the ass8ts of the tharity arKI taking reasonable steps forthe prevention and deteGtion of fraud and other irregulartbes.
INDEPENDEKf AUDtroR'S REPORT To the Trustees ofThe Sodbury Trust Oplnlon We have audtted the flnandal ststements of The Sedl)ury Trust (Yhe thaTiV) for the year ended 31 March 2021 vthich comprise the Ststement of Flnanclal Actbvltles. the Balance Sheet and notes to the ftnancial staternents. irK4uding a summary of signifi(xnt aCUnting pofiryes. The financlal repoilrKJ framvwork that has been applied in thelr preparation is applitxble law and United lQngdorn AccAxJnting Standards. induding FirHncial Reportiro Standard 102 The Flnanclal Reportlng Standard Applkable In the Unlted Klngdom and Republlc of Ireland (United Kingdom Generalty Apted Accounllng Praclce). In our op1n1 the finanoal ststements: gtve a trua and falr eW of the state of the thartys affalrs as at 31 March 20218nd of tts Incomlng resources and appllcation of resources forthe year then ended,. hav8 been properly prepared in a[rdan wilh Un]ted l<lngdom Gen8ralty Ar£eptl AccounUng Prdcllc' and have bean prepared in accordance Yth requlrements of the Charities Acl 2011. Basls for oplnlon We conducted our audTrt in accothn¢e with Irrterrptional Standerd5 on Audibng (UIQ (ISAS (UK)) and applicabla18w. Our responsibililies underthose standards arp further dbed In the Audmorfs resp8[blI[beS for th9 audit of the financial statements seclion of our rawrL We are independent of thè charity In ACrdanc6 wlth thè ethical r8quiremènts that are r8lèvant to our audlt of the tlnancial statements In the UK, indudirKJ the FRGS Ethi(21 Stsndard, and we hav8 fulfilled our other ethi(xl responsibiltties in aCD)rdan these requirements. We belleve that the audlt eviden bya have oblained is sufficient and appropriate lo provide a basis for our opinion. Concluslons rolallng to golng concern In audlung the finanad statements. we have CCdUded that the Tru5tees' use of the sY)ing 0)rrn basls of accounlng in the preparation of the finanixal statements is appropriate. Based on the work we have perfomied, we have nol Idenlified any material uncertainties relatlng to events or Gondltlons that Indmdually or collectrvely, may cast sIgnfflnt doubt on the charivs abllty to continua as a going concern for a period of at leasthvelve monts from %th8n Ihe original financial statements were aulhorised for issue. Our responslbllilies and the reSpI$1b11Ies of ts dlre(thrs respect to going concym are descrlbed In the relewant seclions of this repo Other Infomiatlon The oth8r Infomiatton compris88 th8 Infomalion Induded in 1h8 annual r8Ffrt other than the financial statements and our audttorfs report thereon. Tr Trustees are responslbla for tha other infonnatK)n. Our OFMnion on the financid statements does not Ver the other Infrjrnallon and. except to the extent Otheise eXplicY stated in our rgporL w8 do not express any fOn of assuran(x condusion thareon. In connectton wlth our audit of the finanaal statements, our responsibllty 15 to read the 0th8r infonnation and, in doing so. consider whether the other Inf[tion is rnaterially inconsrstent with th6 financlal statsments or our kn(pMedg8 obtained in the audtl or oth8Thvlse appears to be matsridly misstated. If we identify such material Inmnsistenraes or apparent malertal misstatements. we are required to detennine whether there is a material misstatemenl in the financial statements or a material misstatement of the other Infonation. If, based on thB work we have perfonned. we condude that there 15 a rnaterial misstatement of this other InfOatiOn, w8 are requir8d to report thatfai* We have nothing to TBP(Xt in this regard.
INDEPENDENT AUDrfoR'S REPORT (conttnuodj Matters on whlth wo are requlred to roport ty excepllon We have nothing to report In respect of the following matters in relatlon to tre CharStles (Accounts and Reports) Regulations 2008 r8quire us to rep(xt to you rf, in our oplnlon: the infonnation given In the Trustees. r8POrt is In(x)nsistent in any material respect wlth the rinancial statsments; or SLrfNclent acu)unting re(x)rds ha not been kepL or th8 flnanda statsmants ar8 not In agreem8ntw]th th8 8(xx)untlNJ r8cords: or we have [t r8ceNed all Ihe Inf(XTnatiryJ and gxplanatEons w9 wulrp for our audlt Ra8pon81bllJt1 of Tru8ts08 As explalned more fully In the Trusteeg Responslbillbes statsment set cArt on page 5, the Truste8S are responsibl8 ft)r the preparation of the financial ststements and for being safisfied thal they give a thje and fair Mew. and for such int8ma] control as the Trustees detsnnine is necessary to enable the preparalion of finarKxal statements that are free from matsrial misstatsmenL whether due to fraud or 8Tror. In preparjng the financlal siatements. Ihe Tnjstees are reSponsie for assess5ng the Charitys abillty to conllnue as a golng conM. dlsdoslng, as appllcable, matters relaled to going concern and uslng the going concem basis of accounllng unless the Trustees either intend to liquldate the trust or to Cease operations. or have no realistic altemative but to do so. AudlioVs rnsponslbllltlès for the audlt of the flnanclal statements We have been appointsd as audttor under wtion 145 of the Chariiies Act 2011 and report In accordan viith the Art and relevant regulations made or having effecl thereunder. Our objecllves are to obtain reasonable assuran about bthether the ffinandal statsments as a whole are free from matsrld misstaÈmen( whether due to fraud CK err. and to ISSU8 an auditorfs report that Inctudes our oplnion. Reasonable a&£uran is a hlgh level of assuran. but is not guarantee thal an audit conducted in accordan wtlh ISAS (UK) will aiways detect a materfal misstatement when tt exists. miss18tents can arise from fraud or em)r arKI are cx)nsidered materfal rf. lndiwdua1 or in the aggregate. they reasonatAy b8 expected lo influence the economic dectsions of useTr taken on the basls of these finarK4al statements. Irregularftles. IncludlNJ fraud, are instances of nonUnplIan vAth laws and regulations. We design pr(Kedures in line with our resp[sib[l1es. (XrttlTd above, to detectrnaterial misslatements in respect of irregularities induding fraud. The extent to our proceduros are capable of detgcaing Trrggularities, induding fraud is detsiled Owtng to the inherent limilalions of an aud¢ 1heTe is an unavoidable risk that material mls8tst8m8nts In th8 fjnand81 statsmants may not d8t&knJ. even though th8 audit Is properfy planned and perfonned in accordanr& ith the ISAS (UK). In identsing and a$S1ng risks of rnaterial rniss1alennt in respect of fraud, iTrJudir¥J irregularibes and non-complian(% Yth law5 and regulations, our pr(x%dures induded th8 following. We obtsined an understanding ofthe l&Jal and rela h3mewoths applieAb3e to the financAal stat8m8nts of that had a fundamental effect on the op8rations of the thaiity. We determined that the most signthcant laws and regUlatiOr induded United ngdorn Generally Acc6ptsd ACUnting PraGXice and the Chariti8s Act 2011: We understocKI how1h8 charity 15 comFrf)ing with th088 IJaI and rbgulatory fram8w(xks by fflng enqulrles of thè managern and thC reSpMs1b for18gal and compliance procedures;
W8 assess the susoptibilty of the tharfVs Ilnandal statements to material misstatsment. induding hchv frdud might ornjr. Audit procedures pwbrmed by th9 engagement team Induded." 1denti'ng and asse55tng the deslgn eff8divane85 of u>ntrols manag8mant has In plai% to prevent and detectfraud; Understandlng huw thosé charg&4 wlth govemance considered and addressed the rthntial lor override of (ntrOl$ or other 1napppriate Influen over the finanaal repIng process: Challenging assumptions arml judgem8nts made by managamant in it5 signfficAnt gccounting 85timates: and Identifytng and tsstjn9jJrn entrles. In Palar ary joumal 8ntri8s wlth unusual tharactsristics. Afurther dè8uiption of ourresp2mlIties is avallabIe on the F[naral Reportlng Councll'swebslte at W•VW.frc.org.uklauditorsresponsibilitles. Thls descrlpllon forrns part of our audii0rf5 reporL Use of our report This report is made solely to the charivs Trustees, as a btxly, in accordan Part 4 of the CharitSes (Accounts and Reports) Regulations 2008. Our aurfrt work has been undertaken so that we mlght stste to the chaiivs Trustees those matteT5 we are required to state lo Ihem in an auditorfs report and for no Other purpose. To the fullest extent pemiitted by law. w8 do not acc8pt or assume rospon5ibilty ID any party other than the charity and tharws Trustees as a body. for our audtt wrt for thls rewL or for the opinions we have forned. HQWOodS LLP, Statutory Auditor stavorton, Chgftonham Dats 10 January 2022 Hazlew•)ods LLP Is eliglble for appointrnerrt as auditorof the charlty by vlrtue of Its Bllglbllfty for appoinlm¢nt as auditor of a company under sectlon 1212 of the Cornpanles Act 2006.
ThE SEDBURY TRUST STATEMENT OF FINANCIAL ACTivmES for the year end&d 31 March 2021 Unrostrlcted Unrestrlcted Total Total 2021 2020 Income and endOnts from: Donattons and legacies Investrn8nts 130.505 113,665 Total Incom8 130.505 113,715 Exp•ndilure on. Raising ftJr#Js 47.849 Charftable acbvitles 164.924 68.848 Total axp•nditu 1212,773 117,141 Not axpondlturn and net movements In fund$ ljefore galns and losses on Investments (82.268) (3.426) Net galns1{k)8se8) on Inv681ments (344,188) Net (losgesygalns on ¢nCY (15) Net IncOm{exP0ndrtUrg) and net movoment In funds 752,265 (347.606) Funds brought forward 4.120,165 4,467,771 Funds carrfed foThvard £ 4.872,430 £4,120.165 The ststement offjnandd activibes indud85 al gairk5 arKI lo recognised in the yaar. All inc0rn8 and expenditure deriv8 from conltnutng athilies.
THE 8EDBURY TRUST BALANCE SHEET as at 31 March 2021 2021 2020 FIXED ASSErs Tangible fLxed assets Investrnents 4.677.138 3.912,807 TOTAL FIXED ASSErs 4,677,138 3.912,807 CURRENT ASSErs Cash in hand arKI at bank Other d8btOTS Accrued in(x)mg 324.169 400 11.687 242.359 9,601 336.256 251.9 LIABILrriES Creditors: amounts falllry due wthin one year {140.964) {44,6021 NEf CURRENT ASSErs 195.292 207,358 TOTAL NET ASSErs £ 4.872.430 £4.120,165 FUNDS OF THE CHARrrY Unr8strlct8d furKIs £ 4.872.430 £ 4.120,165 The flnandal slatem8nts were approved by the Board ofTnth on on their b8haFF by: and signed P D McLaln Chairynan -10-
THE SEDBURY TRUST NOTES TO THE FINANCIAL STATEMEpirs for th8 y8ar ended 31 March 2021 ACCOUNTING POUCIES 1.1 8asis of preparation and assessmont of golng conc•rn The acuurrts (financtal ststements) have been pr8parwJ in grdan with Ihg Statsment of Remmended Practice.. A¢(nting and ReporUng by Char(tles pparfng Ihelr aco)unts In aCLx)rdan viith the Financtal Reporttng Slandard appticabte In the UK and Republlc of Ireland (FRS 102) issued In OLober 2019 and the Flnandal RepOr Standard appIlble In the United Kingdom and Republic of Ireland (FRS 102) arKI the Chwities Act 2011 and UK Generally Accepted Prdctice. The finanryal statements have ba8n prepared to glve a Iru8 and falrf and have departed from the Charltses (Aca>)unts and Reports} Regulallons 2(M)B only to the exlent requlred to provlde a Yrue and fair vtevx. Thls deparlre has invdved follthytng Accounttng arKI Reportlng by Charities preparing their acc<)unts In aCrdance wlth the Flnanctal Reportlng Stsndard appllratsle In the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Chatfjtl05: Statem8nt of R)mMer1 Practlce aff from 1 April 2005 whlch has slnc8 be8n wlthdravm. The Trustses conslder that there are no material uncertaintles about the Trusfs ablllty to contlnue as a going (x)ncem. Charitable acvities of the Trust are discretionary and can be reduced to ensur8 the corbtinuing viability of the trust rf ne(wsary. The TnteeS n5]der that there are no signifi(xnt ar of adjustrnent or key assumplons that affect Items in the accxjunts. The most signiknnt areas of uncertalnty that affect the C2rylng value of assets held by the Trust are the level of Invesfrnent retum and the perfOrrnan of Investsnent mark8ts ($88 1.6 investment policy arKI th8 risk management sectlons of the TTr, report for more infonnation). The presentational ¢xrrency of thefinancial statements is Pounds Sterfir¥J. b81ng the fijnctlonal currenw ofthe prlmary eLXfjnomlc enMronm8rrt In whiLJ th8 Tnjstoperates. Monatsry amounts In these financlal statements are tDunded to the nearest pourKI. The Trust constitut8s a pubfic benefft entity as defin8d by FRS 102. 12 Income rBcognldon All income is recognised once the Trust has 8ntiUem8nt l01h8 inc¢xn8. it is probabte that the incomg ryll be received and the amount of in(x)mo rKeivabl8 can be measured reliably. Donations. are refA)gni*l when the Trust has nollfi&J In of both the amount and settlement dats. In the event Ihat a donation is subject lo o)nditions that require a level of performan before the Trust is entiued to the funds. the inc(Kne Is deferred and not rec¥)gnised until either those ClditiOnS are fully me( or the fulfilment of those condthor6 is wholly wtthin the (x)Trtrol of th• Trust and li is probable that tkM)se condition5 will b8 fulfilled in the reporting period. Intsr8st on funds held on deposit ts included when re(xtvable arml the amount can b8 measured rdiabty bylhe Trust this is N)rnally upon notifi(xtion ofthe interest paid or payable by the bank. Dmdends are rBcognised or)ce the dividend has been declared and notfflcatlon has en received of the dividend duè. This is nonnally upon rK)tification by our Investment advisor of the divtd8nd yi8ld of the inv851ment portslio. -11-
THE SEDBURY TRUST NOTES TO THE FINANCIAL STATEMEKfs (conllnu8d) for the year ended 31 March 2021 1.3 Investment Income Income distrtbution5 from equty Investments and untt trusts ar8 credttad to the statsmant of Ilnanclal athties (SOFA) acwjnt they are received. 1A Tanglble fixod assots and dopreGlatlon Tangible fix&1 assets are stated at )St18SS dÉpr8(aatiM. DepcIatIon1$ provided at rates Cal[atsd to wrbte off the cx)st18&8 8Stlmatsd resldual value of each asset over Its expected useful lif8. as follows: Computer equipment 25% straight line 1.5 Expondlturo rocognftlon Llabllltles are reo)gnised as expendire as 8crf)n as there is a legal or construclive obligation committing the Trust to that exp8nditur8. ft Is probable thai setuementwtll be required and the amount of Ihe obligatlon can be measur1 r81iatAy. All expend]bJr8 Is accxyJnt8d for on an acc¥uals basls. All expenses Includlng support costs and govemance costs are all(xxted or apFortioned to the appllr2ble expenditure headings. Grants payable are payments rnade to third parties In thd fijrtheranco ofthe charftable oblects of th8 Trusl. In the rase of an unGonditiona] granl offer this is accrued onca the recipient has b88n rlfied of the grant award. The nolifiG81ion glves the re(iixent a reasonable expeCtson that they wll receive the one-year or multkyear grant. Grdnts awards that are subject to the reciplent fulfillSng perfOrnn condibons are oniy acczued when the re(apient ha5 been notified of the grdnt and any remaining unfulfill1 o)ndition attathing to that grant is outside of the control of the Trust ProvisK)ns for grants are made when the intention to make a grant has been (x)mmUnited to the reciplent but there Is uncertainty as to Ihe tiFning of the grant or Ihe amount of grant payable. Expendlture on charltable activities, cornprising of grdnts and abyards payable charged in the year when th8 conditions attathing are fiJlfilkd. Grants and a8rdS off8r8d subject to condthon5 which have not been met at the year end are noted as a mMitment but not Ralslng funds ilUde all cx)sts Inrred In runniNJ theTrust. which c2nnot be dlrecty allocated to the charitys projects or fundraislng. As such. it Irude5 58cretarial 8xp8ns8s, atKlit fees and legal fees. 1.6 InVlMents Inveslments are a fonn of basic financlal Instrument and are inttially rg(y)gnised at their transaction value and subsequendy measured at thr fair va]ue as at the balance sheet dats uslrvJ the doslng qLthd market price. The SOFA indudes the net gains and Iossgs arising on revaluation and di8posais thn)ughout th8 year. The Trust does not acquire put opttons. derfb8lives or other CoMeX financial instrurnents. The maln fomi of financial risk faced by th8 Trust is that of vdatilrty in equrty mark8ts and investrnenl markets due to wlder economic conifibons. the att[de of investors to investrnent risk. and changes In sentiment ¢x)nceming equrfies and ythin particularsectors orsub sector8. -12-
THE SEDBURYTRUST NOTES TO THE FINANCIAL STATEMEpifs Iconllnu•d) for the year ended 31 March 2021 INVESTMENT INCOME 2021 2020 Interest rece]ved In(x)me from Ilsted Investsments 206 113,459 130.505 £ 130,505 £ 113,665 3 RAISING FUNDS 2021 2020 Wages and sataries {nots 5) Company secr8tsrfal fees Investrnent managers f88S Other admirustration 8,750 12.705 29,626 5.518 29,383 10.160 , £ 47,849 £ 48.293 Other admlnlstration costs inc4ude audllorfs remuneration (tn resped of annual aud) of £2.200 (2020: £2.250). Tnthes received no remuneratx)n or expense payments In either y8ar. 4 CHARrrABLE ACTIVMES 2021 2020 Grants payable In fvrtherance of the charlty's objoctlves lorthe publlc benefft Made lo Inslituti(x 95.366 60.632 Mad8 to Indi1du8I8 69.558 8.216 £ 164.924 £ 68.848 Durfng the year the Trust mada th8 fdIo*iThJ grants to insttiutions of a value of £1.000 or over. Sand Academles Red Horse Paternoster School Chamwell Centre Gloucester County CouTrcll Patsrmoster School Belmont Scho Gloucester County C<Juniil Virtual School Virtual School 1.065 7.594 11.150 11.750 1.670 13.483 30,000 1.601 3,600 9,000 -1&
THE SEDBURY TRUST NOTES TO THE FINANCIAL STATEMENTS (contlnued) for year and1 31 March 2021 5 STAFF COSTS 2021 2020 Staff costs durlng th8 y8arw8r8 as follows: Salarles £nil £ 8.750 The average numbor of employoes during the year was nll (2020: 1). Durlng th8 previous y8ar. Mrs J E Lane (resIgnl 31 OL*obw 2019) recelved a gross tary of £8,750 for her dutles as Administrator to the TrusL 6 TANGIBLE FIXED ASSErs Computsr Equlpmont Cost At 1 Aprll 2020 Disposal 2.039 (1,200) At 31 March 2021 839 Depre¢latlon At 1 April 2020 Depreciation eliminated on di5[al 2.039 (1200) At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 -14-
THE seDBURY TRUST NOTES TO THE FINANCIAL STATEMEKf5 (contlnuod) for the year ended 31 March 2021 7 FIXED ASSEf INVESTPAENTS 2020 Listed investrnents £ 4.ffn,138 £ 3,912.807 Listsd Investrn6nts at markat walu8 comprfsa: 2021 Valuation at the beginniry of year 3,912,807 4.227.126 AddlOn8 in the year 1,339,350 1,799,357 Disposals In the yEar (1,409,567) (1,769.488) Gain51Oosses) on revaluation (344,188) Valuation at end of year £ 4.6TT.138 £ 3,912.807 Th8 historic cost of inv8stments is: Llst8d Investrnents: £ 3,935,962 £3,668,351 Investments 8t fair valua o)rnprise'. Equlties Ftxed interest secur8$ 3,884,779 792.359 3,187,470 725,337 Totsl £ 4,6TT,138 £3,912,807 8 CREDrroRS- Amount8 falllng due wllhln ono yoar 2020 Accruals 140. 44,602 £ 140.964 £ 44,602 FUNDS Unrestsicted furKls comprise1hose funds whlth the Tntstees are free to use in a(wrdan with th8 Charitab objects.